Community Series – Off Shore Money Affects Richmond Homes

Community Series Richmond

Day three of our Vancouver real estate Community Snapshot series takes a look at Richmond homes, the number that sold, are listed for sale and for the prices asked and received.

This Richmond snapshot is for the periods extending from October 26,2010 – November 26, 2010 and November 26, 2010 – December 26, 2010.

Total Listings

The total number of listings decreased from 540 in the Oct/Nov period to 481 in Nov/Dec period.

Homes Sold

As seen in Coquitlam and Burnaby, the number of homes sold in Richmond declined substantially from Oct/Nov’s 137 to Nov/Dec’s 87.

Expired, Reductions, Increases, Days on Market

class=”bordered” />Car in Richmond Ditch 1920
  • 41 listings expired in Oct/Nov. This slowed to 32 in Nov/Dec.
  • Oct/Nov’s price reductions totalled 56 only reducing by two to 54 in Nov/Dec.
  • Price increases for Richmond homes stayed the same in both periods with a total of 26.
  • Days on market increased slightly from Oct/Nov’s 54 to Nov/Dec’s 58.

Richmond Homes Average and Median Prices

  • Oct/Nov’s Average Ask price was $1,011,139. The average ask in Nov/Dec climbed to $1,097,445.
  • The Median Ask price in this snapshot was $886,000 in Oct/Nov. The Median Ask increased to $918,000 in Nov/Dec.
  • Oct/Nov’s Average Sold price was $976,437. The Average Sold increased in Nov/Dec to $1,077,345.
  • The Median Sold price in Oct/Nov settled at $852,000 increasing to $940,000 in Nov/Dec.

Holiday Thoughts

While the number of Richmond home sales may have had a similar experience to the car, both might be attributed to divergent activities during the holiday season. Looking for the reasons to explain the higher prices two thoughts evolve; first, it can be speculated that overall, better quality more expensive homes are being sold and second, we may be witnessing the effective influence of off shore buyers purchasing those more expensive Richmond homes. From this perspective, it is probably a combination of both.

About Larry Yatkowsky

Larry is a recognized real estate expert. A veteran professional, his experienced counsel leads Vancouverites in his west side community to place their trust in a man passionate about his work. Uncompromising ethics bring a balanced approach to realizing your real estate dreams.

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*Disclaimer: Statistics Courtesy REBGV. While believed to be accurate they are not guaranteed.
**Numbers provided may vary as they are dynamically posted by the REBGV.

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